Table 6 Heckman two-stage regression...

Table 6

Heckman two-stage regression

Variable	(1)	(2)
Variable	Open	DM
Dfn	0.6207^***
Dfn	(5.54)
Open		0.0586^**
Open		(2.45)
IMR		0.0527^**
IMR		(2.27)
Size	0.0825^*	0.0963^***
Size	(1.76)	(8.27)
ROA	5.0524^***	0.2828^*
ROA	(5.13)	(1.86)
Growth	−0.0849	−0.0148^**
Growth	(−1.48)	(−1.98)
CFO	1.3855^**	0.2090^***
CFO	(2.26)	(3.09)
Top1	0.0012	0.0014^**
Top1	(0.32)	(2.15)
Dual	0.1563	0.0015
Dual	(1.41)	(0.11)
QFII		1.0872
QFII		(0.91)
Lev		0.0194
Lev		(0.38)
AM		−0.0059
AM		(−0.09)
Big4	0.4119^*
Big4	(1.95)
Mshr	0.0086^***
Mshr	(4.24)
Turnover	0.1871
Turnover	(1.63)
Constant	−8.9567^***	−2.1737^***
Constant	(−8.49)	(−6.67)
Firm FE	Control	Control
Year FE	Control	Control
R²	0.3212	0.2259
N	6,198	6,198

Variable	(1)	(2)
Variable	Open	DM
Dfn	0.6207^***
Dfn	(5.54)
Open		0.0586^**
Open		(2.45)
IMR		0.0527^**
IMR		(2.27)
Size	0.0825^*	0.0963^***
Size	(1.76)	(8.27)
ROA	5.0524^***	0.2828^*
ROA	(5.13)	(1.86)
Growth	−0.0849	−0.0148^**
Growth	(−1.48)	(−1.98)
CFO	1.3855^**	0.2090^***
CFO	(2.26)	(3.09)
Top1	0.0012	0.0014^**
Top1	(0.32)	(2.15)
Dual	0.1563	0.0015
Dual	(1.41)	(0.11)
QFII		1.0872
QFII		(0.91)
Lev		0.0194
Lev		(0.38)
AM		−0.0059
AM		(−0.09)
Big4	0.4119^*
Big4	(1.95)
Mshr	0.0086^***
Mshr	(4.24)
Turnover	0.1871
Turnover	(1.63)
Constant	−8.9567^***	−2.1737^***
Constant	(−8.49)	(−6.67)
Firm FE	Control	Control
Year FE	Control	Control
R²	0.3212	0.2259
N	6,198	6,198

Note(s): This table presents the regression results of the Heckman two-stage regression. Variable definitions are available in Appendix 2. The dummy variable Dfn indicates whether the firm has overseas branches. The inverse Mills ratio (IMR) is estimated from the first stage regression. Variable definitions are available in Appendix 2. T-values are reported in parentheses. ***, ** and * denote statistical significance at the 1, 5 and 10% levels, respectively

Source(s): Table by authors

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